The Various Types Of Life Insurance
Types of Life Insurance PoliciesLife insurance policies are an added security to you and your family in the later years. Given the uncertain times we live in, it is advisable to plan ahead of time and look after the interest of you and your family. Read More
There are many types of life insurance available in the market. Your need, requirement and purpose are the deciding factors for you choose an insurance plan. The types of life insurances in India are mentioned below:
Term Insurance PlansThese are the simplest and the most affordable Insurance policies and the premiums are very low. The coverage provided by the term plan is only for a limited period and the benefits are available only if the insured event , i.e.,death occurs while the policy is active.
Endowment Insurance PlansThese plans are the best when it comes to saving plans as they provide certain amount at the end of specific term or on death of the insurance holder. Depending on the type of plan, the benefits are provided even after the plan has matured.
ULIPS/ Unit Linked Insurance PlansThese plans provide the benefit of life insurance as well as investment. As per these plans, a part of your premium is invested in bonds, equities or debt funds and the remainder is used as coverage for your life.
Pension PlansIt’s advisable to invest in a suitable pension plan for one to live out a happy and fulfilling retirement. It basically is an insurance policy which helps provide for you during your golden years by enabling savings during your earning years.
All the above mentioned plans enable you to save for the uncertainties that life brings with it. Apart from this they also give benefits such as death, maturity, loan and tax benefits. A small step in the right direction can mean a big step in the direction of a secure life.